A banking domain has all the pieces required to conduct a financial service from beginning to end. It includes the manner in which customers engage with the system, the goods and services offered, and the technology employed. In addition, the transaction and distribution procedure are covered.
A financial expert can construct a bank operating model by fusing all these elements.
- Segments — the market a financial organization serves (such as investment banking, private banking, and retail banking)
- Customers — are businesses and people who make use of the services or goods that a company advertises
- Services and products — All activities that a bank charges a fee for or sells to a customer (such as a loan, deposit, investment, equity training, and so forth)
- Distribution and sales — include how the bank interacts with website visitors and the methods used to sell goods or services to customers, such as branches, software, email campaigns, and mobile outreach.
- Processes and technology – This are the most extensive aspect of the banking domain. It consists of the way the company manages its personnel, their roles and duties, the technology used to achieve performance benchmarks, and the workflows clients must take to complete a transaction.
Consideration of a banking system as a framework enables business managers to define performance improvement benchmarks. Developers and testers of financial applications rely heavily on the aforementioned banking domain knowledge components.